WASHINGTON — State regulators closed First Commercial Bank in Bloomington, Minn., late Friday in the industry's 41st failure this year.
The Federal Deposit Insurance Corp. agreed to sell the operations of the $216 million-asset, state-chartered bank to Republic Bank & Trust Co. in Louisville, Ky.
First Commercial's sole branch will reopen Monday as part of Republic Bank & Trust. The acquirer agreed to assume all of the failed bank's $207 million in deposits and purchase roughly all of its assets. The failure is estimated to cost the FDIC about $64 million.
First Commercial was the fourth bank to fail in Minnesota this year. The last failure in the state was that of Inter Savings Bank, FSB, in Maple Grove, on April 27.